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Is Iran really reconnected to SWIFT?

Business Materials 5 March 2016 22:29 (UTC +04:00)
There have been contradictory reports regarding Iran’s reconnection to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) over the past 45 days and following the removal of international sanctions against Tehran on Jan. 16.

Baku, Azerbaijan, March 5

By Farhad Daneshvar - Trend:

There have been contradictory reports regarding Iran's reconnection to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) over the past 45 days and following the removal of international sanctions against Tehran on Jan. 16.

While a group of Iranian conservative and hardliner media affiliated with opponents of the administration of moderate President Hassan Rouhani question Iran's reconnection to the SWIFT, administration officials repeatedly announce that Iranian banks have been reconnected to the worldwide financial system.

In the latest remarks regarding the issue in question, Valiollah Seif, the governor of the Central Bank of Iran, as well as Ali Majedi, the country's ambassador to Germany, have reassured Iranians that the country has been reconnected to the financial system.

"All our banks have been reconnected to SWIFT," Mehr news agency quoted Seif as saying at a conference on banking and trade in Tehran.

Ambassador Ali Majedi has said that receiving and sending of banking messages between Iranian and German banks started two days ago.

However, he added that banking activities between Iran and Germany have not been fully launched so far.

"Although the JCPOA [Joint Comprehensive Plan of Action, aka nuclear deal] was implemented 45 days ago, the banking activities [between Iran and Germany] have not been launched fully. The German government is making all the efforts to launch all banking ties with Iran," IRNA quoted Majedi as saying.

Over the past decade, in a bid to curb Iran's nuclear program, international community took measures against Tehran, including restrictions imposed on the country's financial system, as well as its connection to the SWIFT, which have had a catastrophic impact on Iranians' economic situation and life conditions.

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Farhad Daneshvar is Trend Agency's staff journalist, follow him on Twitter: @farhad_danesh

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